Summary of Long White Mountain Conference Call Company Overview - Long White Mountain reported a revenue growth of 6.99% year-on-year for the first three quarters, with a net profit increase of 1.05% [2][4] - In Q3, revenue rose by 17.78% to 400 million, and net profit increased by 19.43%, indicating accelerated growth [2][4] Industry Insights Tourism and Visitor Trends - The South Scenic Area closed on October 17 and is scheduled to reopen on May 1, 2026, which may temporarily affect visitor numbers but is expected to enhance the area's attractiveness in the long term [2] - The opening of the Shenbai High-Speed Railway has increased the proportion of visitors from Liaoning Province from 15.85% to 16.19%, with an absolute increase of approximately 14-15% [2][11] - New flight routes from cities like Guangzhou and Shenzhen are expected to significantly boost visitor numbers from Guangdong Province, which accounted for 20% of total visitors last year [2][12] Visitor Statistics - As of September 2025, the total visitor count reached 3.0619 million, a year-on-year increase of 10.4% [4] - The North Scenic Area saw a growth of 2.91%, while the West and South Scenic Areas experienced increases of 36.46% and 68.09%, respectively [4] Seasonal Outlook - The 2025 snow season is anticipated to be longer due to an early start and favorable weather conditions, with expectations of 3.8 to 3.9 million visitors, although reaching 4 million remains challenging [3][13] - The New Year holiday from February 17 to February 25, 2025, is expected to increase transportation and hotel demand, with projected visitor numbers during this period reaching 110-120 thousand [13] Financial Performance Hotel Operations - The occupancy rate of the Crowne Plaza hotel increased by 3.89% year-on-year, with an average room rate rise of 3.05% [6] - Newly opened hotels, such as Huazhu and Huazhu Luxury, reported occupancy rates of 45.76% and 39.74%, respectively, indicating positive growth trends [6] Urban Transportation Business - Revenue from urban transportation services grew by 26.47% year-on-year, although net profit declined by 2.12% due to rising costs [7] - In Q3, revenue increased by 22.23%, and net profit rose by 37.36%, showing improved profitability [7] Travel Agency Performance - The travel agency segment, including products like "Fly Over Changbai Mountain," saw a revenue increase of 44% and a net profit increase of 22% [8] Operational Developments Scenic Area Management - The company manages six surrounding scenic areas, receiving 1.57 million visitors in the first nine months, a 64% increase year-on-year, with revenue up by 42% [9] - The light asset operation model demonstrates significant growth potential despite its limited impact on overall economic indicators [9] Infrastructure and Project Updates - The second phase of the Changbai Mountain Hot Spring project is under construction, with an investment of 536 million, expected to open in Q4 2026 [17][18] - Platform upgrades and new equipment are anticipated to enhance operational capacity and visitor experience [10] Future Outlook - The company aims to achieve a visitor target of 3.8 to 3.9 million for the year, with long-term growth potential supported by improved infrastructure and management practices [21] - The expansion of the 331 National Road is expected to further enhance accessibility and support future visitor growth [21]